Solidarity Veneto

Provision for the very young

by Valeria Zanetti

sale, consumerism and people concept - happy family with child and shopping cart buying food at grocery store or supermarket

3' min read

3' min read

2024 has been a golden year for Solidarietà Veneto, which in 12 months has added almost 10 thousand members, bringing the total number of members to 162 thousand, an increase of +8.8% (better than the Italian average, at +5.7%) and companies over the 19 thousand mark. At the milestone of 35 years of activity, the regional fund - established in 1990, the first at a territorial level in Italy, promoted and administered by representatives of workers (Cisl and Uil) and employers (Confindustria, Confapi, Confartigianato, Cna, Casartigiani and Federclaai) - confirms itself as by far the most widespread form of supplementary pension in the seven provinces. The dynamic is fuelled by new memberships, which represent the best result ever (excluding 2007 when the silence-consent rule came into force), in addition to 'contractual' memberships in the craft sector.

The leap is driven by young people, confirming the trend of recent years: from 2020 to 2024, almost 13,000 under-30s chose Solidarietà Veneto as their first job. But the patrol of children and young people with an average age of 11, enrolled by mothers and fathers, is also growing. Last year there were 778 tax dependents for whom a position was opened. This means that parents are now concerned about their children's pensions. A sensitivity that particularly characterises mothers. In fact, in the lead for this type of payment is the Belluno area, where the many employees of eyewear companies have chosen to support the pension position of their still young children.

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The result is a general lowering of the average age of members, which is currently under 44 (47 is the national average): almost a quarter are in fact under 35 (24.67%).

In general, the positive trend in memberships is confirmed across the board and is also attributable to the

widespread dissemination of the network of counters, 150 in number, set up in cooperation with trade unions and employers, plus other company infopoints providing advice. Decisive is the blanket communication, which will soon also be taken to high schools, to make inroads with students, future workers.

At the provincial level, Vicenza stands out with more than 23 thousand adhesions, followed by Treviso with more than 20 thousand members. Over 10 thousand Padua and Belluno, which shows the highest ratio of adherents-to-employees in the manufacturing sector (31%). Verona, on the other hand, marks the highest growth rate in percentage terms (+15.14% compared to the previous year), at 7,700 adhesions, concentrated mainly in the agri-food sector. This is followed by Venice (9% adherents) and Rovigo (1.6%). Added to this picture are the sweeping memberships in the craft sector. The number of member companies increased in the same proportion, tripling in ten years to 19,483 at the end of 2024.

The progression of contributions and returns among the best ever, referring to all four sub-funds of the territorial fund (dynamic, income, prudent and guaranteed), ensured Solidarietà Veneto the highest increase in assets ever recorded (+337 million), up 16.1% on 2023 for a value of more than EUR 2.4 billion.

"It is perhaps also thanks to the capillarity and gratuitousness of our fund, a non-profit association, that in Veneto the participation rate in supplementary pensions is approaching 50 per cent, sustained by the increase in young people," emphasises the president, Paolo Bizzotto. "When we meet those who have recently started working, we always give the same advice, namely to start building up a supplementary pension right away, even by setting aside a little. It is the gradual accumulation over time that will guarantee a more solid pension future,' emphasises the director, Paolo Stefan.

For this year, it is difficult to predict whether the upward trend in yields can remain stable, although to date it is

continuing to benefit from the advance of the stock markets: among the many question marks are the geopolitical risks, American duties that worry a Europe already slowed down by the crisis of the German 'locomotive', and the possible resurgence of inflation, which would push up the cost of money again.

"However, we have always lived with uncertainty: in the 1990s we faced the Parmalat and Cirio crashes, the Lehman Brothers crisis in 2008. More recently Covid and in 2022, the annus horribilis of finance. However, those who chose Solidarietà Veneto did well,' Stefan concludes. The fund's strength also lies in the choice of investing since 2015 in unlisted territorial companies (private equity), selecting funds dedicated to SMEs and generating positive results in the medium term.

From 2021, the focus also shifted to national and European infrastructure. The extension to so-called 'alternative' asset classes is set to exceed 10% of assets, with a committed value of approximately EUR 215 million.

Valeria Zanetti

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